Title
Ordinance in the Amount of $2,530,720 Amending Coliseum Improvements Bond Fund (Series 2012)
Body
Department: Finance
Council District:
Public Hearing:
Advertising Date/By:
Contact 1 and Phone: Matt Brown, Managing Director, 373-7400
Contact 2 and Phone: Rick Lusk, Finance Director, 373-2077
PURPOSE:
To consider amending the Coliseum Improvements Bond Fund Budget (Series 2012), in the amount of $2,530,720, to complete planned improvements to Coliseum Complex facilities and to reimburse the Hotel/Motel Tax Fund for advances to the bond fund authorized October 2013.
BACKGROUND:
On May 15, 2012, the City Council authorized the issuance of a 3-year $24,000,000 limited obligation bond anticipation note, under the City's construction loan draw program, to fund improvements to the Greensboro Coliseum Complex. On June 5, 2012, the NC Local Government Commission approved sale of the note to Wells Fargo Bank.
On October 15, 2013, the City Council authorized increasing the budget by $1,430,000 to $25,430,000, advancing $920,720 from the Hotel/Motel Tax Fund and also appropriated project-related sales tax refunds of $335,000 and a $174,280 contribution from the ACC to the Coliseum Improvements Bond Fund to complete renovation of the new Greensboro Convention & Visitors Bureau (CVB) offices and arena improvements, at a total cost of $1,430,000.
At this time we are proposing to increase the budget by $2,530,720 to $27,960,720. This includes refinancing the $24,000,000 note with a 25-year limited obligation bond issue and increasing the amount borrowed to $25,650,000 in order to (1) reimburse the Hotel/Motel Tax Fund $920,720, and (2) to appropriate funds for the demolition of the auditorium (excluding the lobby area), connecting the lobby to the Terrace, and fund parking improvements, at a cost of $748,000, and (3) fund the $200,000 replacement of an arena concert stage. This ordinance amends the capital project budget so that the Col...
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